Hong Kong-Based Avenir Own $600M Bitcoin Through BlackRock’s ETF ($IBIT)

Avenir Group, a Hong Kong-based investment firm, reports owning nearly $600 million in BlackRock’s Bitcoin ETF. This investment establishes Avenir Group as a major institutional player in the cryptocurrency market.

During the second quarter of 2024, Avenir Group became the largest institutional holder of two major Asian Bitcoin ETFs. They held 5.319 million shares of BlackRock’s IBIT, worth around $182 million, and 3.847 million shares of Fidelity’s Wise Origin Bitcoin Fund (FBTC), worth approximately $202 million.

Avenir Group’s roughly $384 million investment in these two Bitcoin ETFs demonstrates its substantial commitment to emerging technologies and strong cryptocurrency market presence.

Hong Kong is pursuing its goal of becoming a global cryptocurrency hub through various strategic initiatives. The Securities and Futures Commission (SFC) is developing regulations to support the cryptocurrency industry’s growth while maintaining stringent compliance standards.

Avenir Group Crypto Event

In November 2024, Avenir Crypto, the digital asset division of Hong Kong-based Avenir Group, recently hosted a Future Boundless event in Singapore, highlighting technological advancements in cryptocurrency trading.

Avenir Crypto, partnering with Deribit, Paradigm, and LTP, stressed the need for better trading solutions. Their $500 million Partnership Program, launched in September 2024, supports global quantitative trading teams.

This initiative, featuring a dedicated pool of 200 million USDT, 3,000 Bitcoin, and 50,000 Ethereum, aims to foster financial innovation and technological empowerment. Jason Lan, Avenir Crypto’s CEO said:

“The firm’s dedication to global collaboration and innovation within the evolving crypto ecosystem, leveraging a decade of experience and robust risk management to drive mainstream adoption.”

A panel discussion moderated by Avenir Crypto’s William Lin addressed key market challenges, including fragmentation, liquidity dispersion, and latency. Panelists from Paradigm, LTP, Chronicle Software, and Deribit highlighted the crucial role of technology in mitigating these issues.

ETFs Records Major Net Outflows

Data from Lookonchain, compiled on February 14th, 2025, reveals substantial net outflows from Bitcoin and Ethereum exchange-traded funds (ETFs). Ten Bitcoin ETFs saw withdrawals totaling 1,765 Bitcoin (approximately US$171 million). Fidelity saw the largest single outflow, losing 982 BTC (roughly $95.21 million).

However, despite this significant withdrawal, Fidelity’s holdings remain substantial, currently at 207,542 BTC (approximately $20.1 billion).

Concurrently, nine Ethereum ETFs saw a net outflow of 5,514 ETH (approximately $14.89 million). However, this figure requires clarification, as Grayscale’s ETHE experienced an outflow of 11,375 ETH (around $30.71 million), significantly exceeding the aggregate net outflow for the remaining eight ETFs.